Bulgaria: Market for Urea Resins And Thiourea Resins In Primary Forms 2024

Market Size for Urea Resins And Thiourea Resins In Primary Forms in Bulgaria

The Bulgarian urea and thiourea resins market skyrocketed to $X in 2022, rising by 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, continues to indicate a moderate increase. Over the period under review, the market hit record highs in 2022 and is likely to continue growth in the near future.

Exports of Urea Resins And Thiourea Resins In Primary Forms

Exports from Bulgaria

Urea and thiourea resins exports from Bulgaria soared to X tons in 2022, jumping by 2,591% against the previous year's figure. Overall, exports posted significant growth. The growth pace was the most rapid in 2014 when exports increased by 6,062%. The exports peaked at X tons in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, urea and thiourea resins exports skyrocketed to $X in 2022. In general, exports showed significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Romania (X tons) was the main destination for urea and thiourea resins exports from Bulgaria, with a 93% share of total exports. Moreover, urea and thiourea resins exports to Romania exceeded the volume sent to the second major destination, Serbia (X tons), more than tenfold. Greece (X tons) ranked third in terms of total exports with a 1.3% share.

From 2012 to 2022, the average annual growth rate of volume to Romania stood at +80.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+46.7% per year) and Greece (-0.2% per year).

In value terms, Romania ($X) emerged as the key foreign market for urea resins and thiourea resins in primary forms exports from Bulgaria, comprising 93% of total exports. The second position in the ranking was taken by Serbia ($X), with a 5.8% share of total exports. It was followed by Greece, with a 0.8% share.

From 2012 to 2022, the average annual growth rate of value to Romania amounted to +107.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+58.1% per year) and Greece (-0.8% per year).

Export Prices by Country

In 2022, the average urea and thiourea resins export price amounted to $X per ton, dropping by -5.3% against the previous year. Overall, the export price, however, posted perceptible growth. The pace of growth was the most pronounced in 2013 an increase of 272% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Greece ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Romania (+14.7%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Urea Resins And Thiourea Resins In Primary Forms

Imports into Bulgaria

In 2022, the amount of urea resins and thiourea resins in primary forms imported into Bulgaria reached X tons, increasing by 3.1% compared with the previous year. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 65% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, urea and thiourea resins imports surged to $X in 2022. In general, imports posted tangible growth. The pace of growth appeared the most rapid in 2021 when imports increased by 86%. Over the period under review, imports hit record highs in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, Turkey (X tons) constituted the largest urea and thiourea resins supplier to Bulgaria, with a 64% share of total imports. Moreover, urea and thiourea resins imports from Turkey exceeded the figures recorded by the second-largest supplier, Romania (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume from Turkey stood at +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (-5.1% per year) and Spain (+6.7% per year).

In value terms, Turkey ($X) constituted the largest supplier of urea resins and thiourea resins in primary forms to Bulgaria, comprising 65% of total imports. The second position in the ranking was taken by Romania ($X), with a 24% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Turkey totaled +11.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Romania (-0.6% per year) and Spain (+5.4% per year).

Import Prices by Country

The average urea and thiourea resins import price stood at $X per ton in 2022, increasing by 22% against the previous year. Over the last decade, it increased at an average annual rate of +3.5%. The pace of growth was the most pronounced in 2017 an increase of 31%. The import price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per ton), while the price for Romania ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+4.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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